Living in Peabody, Massachusetts
Cost of living, income, home prices, rent and demographics of Peabody · Census data 2020–2024
Peabody has 54,695 residents with a median age of 45.3. The median household income is $96,657 (7% lower than the Massachusetts median), the median home value is $596,200, the median rent is $1,950/month.
Peabody at a glance
- Population
- 54,695
- Median age
- 45.3State: 40
- Median household income
- $96,657State: $103,960
- Median home value
- $596,200State: $562,100
- Median rent
- $1,950/moState: $1,762
- Homeowners
- 65.6%
- Bachelor's degree or higher
- 35%
- Average commute
- 26 min
Is Peabody a good place to live?
Pros: An average commute of 26 minutes; unemployment of 4.9%; a poverty rate of 7.7%.
Cons: Median household income 7% lower than the Massachusetts median; home values 6% higher than the state median.
The weather is best in June to September.
Cost of living in Peabody
Housing is the biggest part of the cost of living. In Peabody the median home value is $596,200, 79% higher than the U.S. median. Renters pay a median of $1,950 per month, which is 35.9% of household income. Homeowners with a mortgage pay $2,586 a month in housing costs.
Peabody median household income
The median household income in Peabody is $96,657 and the income per person is $51,060. 7.7% of residents live below the poverty line (Massachusetts: 10%).
Housing in Peabody: homes for sale and rent
- Housing units
- 23,081
- Owner-occupied
- 65.6%
- Renter-occupied
- 34.4%
- Vacant
- 3%Includes seasonal homes
- Median year built
- 1966
- Average household size
- 2.41
Peabody demographics
- Population
- 54,695
- Median age
- 45.3
- Under 18
- 18.7%
- 65 and older
- 24.3%
- Households
- 22,390
- Foreign-born
- 17.3%
- Veterans
- 5.8%Adults 18+
Hispanic or Latino can be of any race. Population history of Peabody ›
Education in Peabody
35% of adults 25 and older in Peabody have a bachelor's degree or higher (Massachusetts: 47.3%), and 12.4% have a graduate or professional degree.
Jobs and commute in Peabody
- Unemployment rate
- 4.9%State: 5.2%
- Average commute
- 26 minState: 29 min
- Work from home
- 10.3%
- Drive alone
- 77.4%
- Public transit
- 1.9%
- Walk to work
- 1%
- Homes with broadband
- 91.4%
Peabody vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Peabody | 54,695 | $96,657 | $596,200 | $1,950 |
| Danvers | 28,098 | $125,395 | $644,200 | $2,076 |
| Lynnfield | 13,064 | $175,265 | $917,600 | $2,676 |
| Lynn | 101,709 | $75,043 | $510,100 | $1,722 |
| Salem | 44,795 | $85,153 | $542,800 | $1,836 |
| Saugus | 28,773 | $101,539 | $603,400 | $2,241 |
| Wakefield | 27,793 | $134,306 | $723,500 | $1,958 |
| Middleton | 9,816 | $167,402 | $742,700 | $1,407 |
| Swampscott | 15,277 | $134,386 | $771,100 | $2,303 |
More for people moving to Peabody
Peabody ZIP code ›Weather and climate ›Living in Peabody: FAQ
What is the median household income in Peabody, MA?
The median household income in Peabody is $96,657, 7% lower than the Massachusetts median of $103,960 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Peabody?
The median home value in Peabody is $596,200, compared with $562,100 in Massachusetts.
How much is rent in Peabody?
The median gross rent in Peabody is $1,950 per month, about 35.9% of household income.
Is Peabody, MA a good place to live?
Pluses: an average commute of 26 minutes; unemployment of 4.9%; a poverty rate of 7.7%. Minuses: median household income 7% lower than the Massachusetts median; home values 6% higher than the state median.
What is the median age in Peabody?
The median age in Peabody is 45.3 years (Massachusetts: 40).
How long is the commute in Peabody?
The average commute to work in Peabody is 26 minutes; 10.3% of workers work from home.
What is the unemployment rate in Peabody?
The unemployment rate in Peabody is 4.9% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Peabody?
35% of adults in Peabody have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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